More volatility for the May contract again, trading to new 5 week lows and if anything exposing a soft underbelly to the current pricing structure. Friday's session looks a little ominous, and we can expect both increased volatility as well as some downside risk from this point.
Moving averages are turning lower again, having threatened to converge last week. The 50 day SMA looks to be resistance from here, as will the 9 day EMA at 53.54. Momentum is neutral, with the RSI at 44.58.
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